All Forum Posts by: Collette Douglas

@Alex Tuller be careful in Knoxville. City of Knoxville has banned short term rentals in city limits so you'd have to look a bit further out.

@Joey Freda Hi and welcome! To answer your question, the RI pre-licensing course is not currently available online. Some people choose to work around this and get licensed online through Massachusetts and use their reciprocal agreement to then test for the license in Rhode Island. This is based on individual preference and may not prepare you for the unique issues we face as realtors in Rhode Island. I'd encourage you to look into taking the accelerated courses in person through RIAR (check Kent Washington for the accelerated option). This allows you to sit for the class for 4 weekends, Saturday and Sunday classes (just 8 classes). Then you test and apply and pay all dues and fees and you'll  be on your way! Let me know if you need any help and definitely trust everything @Anthony Thompson tells you--he's a whiz and the best at replying with a generosity that is unmatched in the chats here! Good luck :)

Did you end up finding a place @kevin touw? I'm an air force wife and realtor in Newport and I've done plenty of my own investment hunting and analyzing in this market. Send me a message if you're still looking!

 Anthony I'd LOVE your notes! I keep trying to dive into a project here (many offers out) and the rehab portion escapes me.

@Jonathan Guerrero I'm a realtor in Newport, at William Raveis. What type of investment are you seeking? Multi? Commercial? SFH? Buy and hold? Or flip? My partner and I deal a lot in rentals and touch a LOT of the multi-family market here, and I know of a couple unlisted properties at the moment. Let me know your strategy and I'll see if I can help!

Thanks @Anthony Thompson for the mention! You are the best of human beings! ;) 

@sachin I'm a realtor in Newport and we do quite a bit of rentals here. The short of it is that short term rentals like AirBNB are illegal *unless* you owner occupy your property and are renting out a space in it while you're there, or if your property is zoned something like business or mixed use. We see properties with commercial space on the ground floor and upstairs are apartments with high numbers for airbnb. This is true for Newport. Cross over into Middletown and airbnb is perfectly legal. I don't know about Narragansett. But definitely you'll need to determine the business model you'd like to follow... short term vacation? Students? Military war college? Seasonal winter? Yearly lease? All of these are viable here but you'll need to narrow down your scope.  These demographics of renters want to be different places and expect different finishes, amenities, and rent prices. Reach outvto me in a message and I can give you my personal contact info if you decide to move forward in Newport! It's a very strong rental market.

@Ryan B. How did you search this local bank out? What were the questions you asked? What did you bring to show your qualifications? Was this for investment rental or owner occ?

Hey friends!

Set to close on SFR investment property in Tiverton, Rhode Island. Purchase price meets 80% rule for investment, and no flood insurance required, both miraculously. We haven't decided if we want to rehab, hold and rent, or rehab to flip. We will owner occupy for 1 year, then we have to move out of state, on military orders. I know RI has that pesky 6% tax on net proceeds for non-resident sellers. My questions are these:

1) RI tax regulation states:

B. Nonresident individual means an individual who does not meet the definition of "resident individual" under R.I.G.L. 44-30-5. That section defines "resident individual" as one who is domiciled in this state or as one who is not domiciled in this state but maintains a permanent place of abode in this state and is in this state for an aggregate of more than one hundred eighty-three (183) days of the taxable year, unless the individual is in the Armed Forces of the United States.

**Since we are active duty military with a home of record in Tennessee, does this tax on gains not apply to us if we choose to sell at the end of a year? I know we would still owe the federal tax on gains for having not held for at least 2 years... so we may rent for 1 year and then sell, depending on the market.  Advice? 

And 2) We have room in the rehab budget to make substantial upgrades to this property so those of you chiming in who know the market, what are 3 top things renters look for, vs. 3 top things buyers look for? Current the yard is unfenced, the basement is unfinished, it is a 3/1 on a dead end residential street. Needs cosmetic work inside but has a new roof and siding. Appreciate all the help!

Just reached a purchase agreement yesterday for a SFR in Rhode Island. Built 1880. In AE flood zone. Basement with bulkhead, can't find a flood elevation certificate yet. No claims on file. Just called USAA and was quoted just shy of $8000 for a non owner occupied premium. Someone tell me I have better options. Will be mortgaged, through VA, through USAA. No chance to pay it off any time soon. Is there a company that can underwrite an AE flood policy for wayyyyy less? Would an elevation certificate reduce my premium on a property this old and in an AE zone? HELP. Do I walk away from this deal? The expense would obliterate any potential returns here.